All Forum Posts by: Lisa Moon

Ciao, Francesco - Benvenuto a Bigger Pockets! To begin, I would suggest becoming familiar with the various roles of all the real estate professionals - what is done by the realtor (both the listing agent and the selling agent), the mortgage loan officer, the loan processor, the underwriter, the appraiser, the inspector, the escrow officer, the title officer, the notary public, the insurance agent, property manager, et cetera. I would imagine they are very different from the professionals who do real estate in Italy. Where in Italy are you from? Rome is my favorite city in the world... What I wouldn't give to live there!

We're tearing out old carpet and putting down hardwood floors on a slab foundation. Are there pros and cons to gluing down vs floating the floor? And what about those trip-hazard transition strips? The new floors will abut existing tile floors in the kitchen.

Give them an allowance for each item, the way a custom builder would do. $xx/sq ft for flooring, $xx/sq ft for tile, etc. They can stay within your budget parameters or pay for any upgrades.

@Jay Hinrichs

$5 per sq ft for both labor and materials on the hardwood. LVT might be a little cheaper on installation but not enough to sway us on cost alone. 

Just closed on a nice 4/2 that we're going to rent out long-term for the cash flow. We need to tear out the awful carpet, but are debating real hardwood versus a wood-looking LVT (luxury vinyl tile). You can't beat the LVT for wear-and-tear, but if we ever sell, this neighborhood calls for hardwood. Price would be about the same either way. Any thoughts??

I wouieve list it too, Cheryl. My goodness, you sound like the ideal credit client!   Unbelievable.

Thanks, guys  -  guess I'll have to get used to it as long as we do conventional loans!  At least this isn't out of line, apparently.

I was a mortgage loan officer and an escrow officer 20-odd years ago, before the landscape shifted.  I know the drill about proper documentation, etc.  But the process I"m in now seems just ridiculous.

Hubby and I are both self-employed, for ages now (30+ years for him, 13 for me). We're buying our second SFR as an investment property with a conventional loan (20% down). I have no problem with supplying all the usual for self-employed individuals: two-years' tax returns, bank statements, explanation of name changes, P&Ls, etc. What is starting to get to me is the absurdity of some of the additional requests by the underwriter:

- letter from our CPA "verifying" the existence of both our businesses, and that they are "still in business". (These are businesses for which we've provided the tax returns and P&L's, mind you. They've already verified the LLC's with the state. Our past bank statements show obvious business and payroll expenditures. What else is there to "verify"??)

- a $100 inspection to verify that the house we're buying has, indeed, been vacated by the seller's tenants.  Apparently just the seller's word on it will not suffice - it has to be an inspection.  I can understand an inspection if I were claiming that the tenant was staying and wanted to use the income, but if not, then why?!?

- letter from our investment broker showing the liquidation of funds for the down payment, AND letter from the bank verifying the receipt of the wired funds.  Apparently the brokerage account statements, plus showing up at closing with the actual funds, is no longer enough.

- letter explaining a decline in my business income from one year to the next.  I guess this isn't that odd (although it's the rare small business that doesn't experience income fluctuations year to year!), but with all the other piddly stuff... ((sigh))

- letter explaining the expenses for my business from 2012.  This would be NO different from what's on the P&L and the tax return.  Why a separate letter?!?

I could go on, but at this point, I just want this to be over.  I'm not sure if this is what it's like for everyone out there, or if this particular underwriter is being particularly hard-nosed.  I need some perspective here, guys!

@Account Closed - are you finding your flips through a wholesaler, or on the MLS? I like the "minor rehab" part. ;)

Welcome!  I'm curious about the RE finance & dev't major at UTSA.  Are you enjoying your classes??

Lisa